First of all, 3x for 帮挖坑. It looks like I need to do some clarifications here.
We are doing well with our life currently - big house + big car (old S class Mercedes). There are about 10 years left on our 15 year mortgage. When my wife was working, she put 25% in the retirement and I have been putting the max since the very first working day. With SS, pension, and our 401K, we are well set for our retirement.
We have been saving money under our kids' names but not in any college funds. That is why they have to pay tax on interest/gain/dividends etc.
We are not talking about financial aid or loan here. From so many Chinese families in our area, we sort are getting mixed information and there is the source of our confusion.
They are saying as long as you are admitted into a top ranking college per your academic merit, they will take care of the financial. How much you need to pay is based on your financial ability. The more you have saved, the more you will have to pay. If you have two kids in college at the same time, it is buy one get one free. And we also hear people get full ride scholarship that pays everything from tuition, book, plus all living expenses.
Since our D is excellent in academic as well as EC, we think there is a high probably she will get admitted to a top school. So, the less we have saved up, the less we have to pay.
If that is ture, we will use all the money saved under their names to buy stuffs for them now. For example, we could get a C class Mercedes for her 16th BD.
BTW, is that 150K income cutoff for any financial assistence state dependent? Many people in Bay area make that much but their living standard is much lower than people making 100K in low cost states.
We are doing well with our life currently - big house + big car (old S class Mercedes). There are about 10 years left on our 15 year mortgage. When my wife was working, she put 25% in the retirement and I have been putting the max since the very first working day. With SS, pension, and our 401K, we are well set for our retirement.
We have been saving money under our kids' names but not in any college funds. That is why they have to pay tax on interest/gain/dividends etc.
We are not talking about financial aid or loan here. From so many Chinese families in our area, we sort are getting mixed information and there is the source of our confusion.
They are saying as long as you are admitted into a top ranking college per your academic merit, they will take care of the financial. How much you need to pay is based on your financial ability. The more you have saved, the more you will have to pay. If you have two kids in college at the same time, it is buy one get one free. And we also hear people get full ride scholarship that pays everything from tuition, book, plus all living expenses.
Since our D is excellent in academic as well as EC, we think there is a high probably she will get admitted to a top school. So, the less we have saved up, the less we have to pay.
If that is ture, we will use all the money saved under their names to buy stuffs for them now. For example, we could get a C class Mercedes for her 16th BD.
BTW, is that 150K income cutoff for any financial assistence state dependent? Many people in Bay area make that much but their living standard is much lower than people making 100K in low cost states.
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